Motor finance customers could receive a payout after the Financial Conduct Authority (FCA) announced it will consult on an industry-wide compensation scheme. #motorfinance
00:00Hello, I'm Greg Wright of the Yorkshire Post.
00:04Motor finance customers could receive a payout after the Financial Conduct Authority announced it will consult on an industry-wide compensation scheme.
00:16Many motor finance firms were not complying with rules or the law by not providing customers with relevant information about commission paid by lenders and car dealers who sell the loans, the FCA said.
00:28It comes after Friday's ruling by the Supreme Court on cases in which the FCA had intervened.
00:35While some motor finance customers will not get compensation because in many cases commission payments were legal,
00:41the court ruled in certain circumstances a failure to properly disclose commission arrangements could be unfair and therefore unlawful, the FCA said.
00:50The FCA estimates that most individuals will probably receive less than £950 in compensation.
00:58The FCA stock of credit to its own the most financialísimo loan, the FCA key to the FCA led by the FCA.
01:05That's why I hear that the FCA budget for the FCA budget is a company that is not a business school, it's a business school that you can call out a business school.
01:12The FCA budget is on the right and the FCA budget.
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